Covanta Prices $400 Million in Notes

With even the White House talking about renewable energy in big, bold terms, it's no wonder that some companies are standing ready to benefit and steadying their legs in the wobbly economy -- with cash. Just see Covanta Holding(CVA Quote), which priced a $400 million private offering today.

After pricing the senior convertible notes, the New Jersey-based renewable energy company announced that it is expecting about $387.7 million in net proceeds from the offering. Covanta gave initial purchasers an option to buy an additional $60 million in notes to cover over-allotments.

Because of the private offering, the company cut its original 2009 earnings estimates to 65 cents to 80 cents a share, down from an earlier outlook of 75 cents to 90 cents. ...